Shopsmith Forums

If you have not yet begun to file your 2022 income tax - you might want to do so soon.

You just might be in for some surprises. I sure am!!!

Good or bad?

Unkown. The IRS is not sure about COVID payments the States may have made to taxpayers. Are they refunds, incentives, or other?

JPG wrote: ↑Mon Feb 13, 2023 9:52 amGood or bad?

Not Good For Me....Hope you are not in the same boat.

MikeG wrote: ↑Mon Feb 13, 2023 11:53 am Unkown. The IRS is not sure about COVID payments the States may have made to taxpayers. Are they refunds, incentives, or other?

The IRS ruled on this today. They are not taxable because they are being classified as "general welfare" or "disaster relief" which are non-taxable events.

I finished and filed my corporate, payroll, and sales and use taxes at the end of January. IRS is still having difficulties accepting 990 filings for the non-profits I manage.

Started personal, and as usual, it looks like I'll owe a crap ton more money to fed and state than I've already paid.

We did ours and dropped it in the mail a couple of weeks ago. There were no surprises on our end. It came out like expected.

I haven't e-filed yet, waiting to do a last check of all the numbers to make sure I entered them all correctly etc. It would appear that in the end things are about the same this time as the last couple of times.

However this coming year has me worried. Investment income was down the last two years. Typically about 10% of our income, but down to more like 3% then 3.8% this past year. All indications that this year we will be doing much better, as a wild guess more like 20%. Add the SS increase and what that will effect..... So I'm working on sending in a W-4V. That will mean 7% less for my SS checks but in the end I would hope to be near a zero net for next years taxes.

I still have my state taxes to do.

Ed

Good news for me. My money shock was the result of a mathematic skills deficiency.

No major change in expectations. Taxes OK; Savings Hurting big time.

I haven't turned ours in to our tax person yet but everything is ready to go. I expect not much change except one of the properties in Sacramento was paid off part way through last year so not as much of a deduction. Also maintenance deductions on those properties are a bit less this year so might owe a little more.

However, the 8.7% COLA was great. My wife's civil service retirement and my military, civil service and social security netted us $727 more a month. Savings took a BIG hit due to the stock market last year but we don't depend on that so it doesn't matter much.